loose diamond appraisal question ???

[haloprince]

hey guys im back with another question. should i be worried that i did not get my loose diamond appraised from a 3rd party? the reason i didnt get it done was because i needed the ring made as fast as possible and i got my diamond from GOG (trustworthy vendor). here are the specs and vid for my stone. in the vid, my stone is in the middle. thanks in advance!

http://www.goodoldgold.com/diamond/9967/

http://www.youtube.com/watch?v=FN890ikQ3bs&feature=youtu.be

 

[Roxy]

GOG is definitely trustworthy, but they usually provide a detailed (20-25 page) description and appraisal with your purchase. Whether you get a 3rd party to appraise your diamond or not is really up to you and your level of comfort. Also, I've been told, that some insurance companies require an appraisal from a 3rd party in order to cover your ring.

That said, since you felt comfortable with GOG and I assume your insurance company had no problem accepting their appraisal, I don't see a need to worry. Has something happened that is making you question things for some reason?

I know that you can still have the ring (w/ mounted diamond) appraised by someone else, but I'm sure that the mounted stone would cause some constraints. If you're really concerned, you should contact some of the appraisers that you find on this site every day and ask them for their expert advice.

 

[haloprince]

GOG is definitely trustworthy, but they usually provide a detailed (20-25 page) description and appraisal with your purchase. Whether you get a 3rd party to appraise your diamond or not is really up to you and your level of comfort. Also, I've been told, that some insurance companies require an appraisal from a 3rd party in order to cover your ring.

That said, since you felt comfortable with GOG and I assume your insurance company had no problem accepting their appraisal, I don't see a need to worry. Has something happened that is making you question things for some reason?

I know that you can still have the ring (w/ mounted diamond) appraised by someone else, but I'm sure that the mounted stone would cause some constraints. If you're really concerned, you should contact some of the appraisers that you find on this site every day and ask them for their expert advice.

thanks again roxy for your reply! thats my concern. i didnt get insurance for the loose diamond. i was under the assumption that i get the whole ring with the diamond in it appraised and then insured but ive been reading on here that ppl get their loose diamonds insured incase something happens when mounting it. its too late for me to get the loose diamond insured now so i guess my only choice is to get the whole ring appraised and then get insurance or am i doing it all wrong?

 

[denverappraiser]

If you buy the diamond, the setting and the assembly labor from the same place, it's usually covered under THEIR warranty if there's a problem during setting. The issue is when there are different vendors involved. Most setters DO NOT warrant a stone against damage if they didn't sell it and/or the mounting. Ask.

The trick is the time between when you buy it and when you take final delivery on the assembled piece. This can range from a few hours to a few weeks depending on what you bought but it's usually not very long. Most insurance carriers don't cover this. The policy will start when the assembly is done and you take delivery, not before. The exception here is that Jewelers Mutual will insure a ring during the assembly process. You need to tell them what all the parts are and you need to bind the policy before any work starts. At the end, you submit an 'update' appraisal on the completed item and the insurance proceeds as usual.

 

[haloprince]

If you buy the diamond, the setting and the assembly labor from the same place, it's usually covered under THEIR warranty if there's a problem during setting. The issue is when there are different vendors involved. Most setters DO NOT warrant a stone against damage if they didn't sell it and/or the mounting. Ask.

The trick is the time between when you buy it and when you take final delivery on the assembled piece. This can range from a few hours to a few weeks depending on what you bought but it's usually not very long. Most insurance carriers don't cover this. The policy will start when the assembly is done and you take delivery, not before. The exception here is that Jewelers Mutual will insure a ring during the assembly process. You need to tell them what all the parts are and you need to bind the policy before any work starts. At the end, you submit an 'update' appraisal on the completed item and the insurance proceeds as usual.

thanks DA for your expert advice. i am getting everything done thru GOG. i told them not to ship the diamond to me cause i was planning to get the setting from them and i needed the whole ring done as soon as possible. Since i told them not to ship, they have all the paperwork with them and the assembly has already been started. i should be receiving the finished product by the end of next week and i guess my only choice is to wait and then get it appraised. if im missing something please let me know. thanks

 

[denverappraiser]

If you buy the diamond, the setting and the assembly labor from the same place, it's usually covered under THEIR warranty if there's a problem during setting. The issue is when there are different vendors involved. Most setters DO NOT warrant a stone against damage if they didn't sell it and/or the mounting. Ask.

The trick is the time between when you buy it and when you take final delivery on the assembled piece. This can range from a few hours to a few weeks depending on what you bought but it's usually not very long. Most insurance carriers don't cover this. The policy will start when the assembly is done and you take delivery, not before. The exception here is that Jewelers Mutual will insure a ring during the assembly process. You need to tell them what all the parts are and you need to bind the policy before any work starts. At the end, you submit an 'update' appraisal on the completed item and the insurance proceeds as usual.

thanks DA for your expert advice. i am getting everything done thru GOG. i told them not to ship the diamond to me cause i was planning to get the setting from them and i needed the whole ring done as soon as possible. Since i told them not to ship, they have all the paperwork with them and the assembly has already been started. i should be receiving the finished product by the end of next week and i guess my only choice is to wait and then get it appraised. if im missing something please let me know. thanks

Ask them to be sure but I think you're fully covered under their insurance and warranty up to the point that you sign for the package. You don't actually own it yet. The unlikely event of damage to the stone during the setting should be on them. As mentioned above and for the benefit of other readers, if someone else were setting the stone this would usually not be the case. This is one of the big reasons for doing everything at one place.